Posted by Clint on January 12, 2005 at 12:26:14:
Deals on Wheels, Lonnie Scruggs, jump over to the mobile home section, you will find 1 investor in MH for every 100 in SFH.
How is my beginning plan so far? - Posted by Zach
Posted by Zach on January 11, 2005 at 21:05:07:
I’m only about a month into reading this site every night after work, but I’m very enthused about actually making my first deal. I am going to wait for a couple more months to make sure I know what I’m doing, but I’ve narrowed down my area of learning to MOBILE HOME INVESTING and WHOLESALING. My plans are…
-Read “Deals on Wheels” by Lonnie Scruggs and find any books that I can on wholesaling.
-I’m going to contact a local REI Club and begin networking.
-I’m watching the classified papers and clipping all of the “investor will buy your house” adds as well as the mobile homes for sale adds so that I can learn the market. I’m pasting those adds in a three ring binders to keep the organized.
-I’m also brainstorming ideas for marketing my future properties.
-I’m soon going to start a journal of my REI activities for each day so that I have records of what I’ve done.
-I’m also going to be going through the archives and printing all the posts that teach me something about the areas I want to learn about.
Am I heading in the right direction? What other things should I be doing? I’m still teetering back and forth about how lucrative this is really going to be and could use any encouragement/advice you have to offer.
Thank you.
Zach
Where are your goals? - Posted by Some Guy
Posted by Some Guy on January 12, 2005 at 15:15:30:
Where are your goals? What must happen by next week to ensure next month works out as planned?
Set your 5 year, 1 year, 6 month and 1 month goals then break them down into the smallest little increments possible. Dont be too specific about the 5 year goal, but you should know EXACTLY what you are doing next week so that the one month is met.
Then get out there and DO IT!!! They say to plan your execution then execute your plan.
Grade your self every week, spend an hour and write down what went well and what didnt. Make constant adjustments to your shorter term goals so you can achieve the longer term ones.
You are begining a journey, wouldn’t it be nice to have a road map and know where you are going?
Good Start But… - Posted by Clint
Posted by Clint on January 12, 2005 at 09:38:19:
Zach,
There is the DO part of this. I don’t see that on your list. I started 1 year ago, T-day week. I bought the DOW, and went and did it. 41K cash from 750 investment and 650 per month for next three years.
Now I have a house I am rehabbing. It can be done, you have a great start, but right after DOW, you need to DO a deal.
Best of luck!
Clint
Re: How is my beginning plan so far? - Posted by Barry (FL)
Posted by Barry (FL) on January 12, 2005 at 04:04:33:
You’re definately on the right track. I would also ad to your list, go to every open house that you see and learn your market. The hardest thing I found starting out was recognizing a deal, especially as a wholesaler.
The part about being lucrative… If you’re successful… beyond your wildest dreams!
The most valuable asset you can have in this business is determination. In my opinion, if you possess that, you’re more than half way there.
Good Luck,
Barry (FL)
Re: How is my beginning plan so far? - Posted by Redline
Posted by Redline on January 11, 2005 at 22:40:21:
Sounds pretty good. Listen and learn all you can. Read everything and ask alot of questions.
Joining your local REIA can be an awesome way to get involved and build a solid foundation. I highly recommend it.
Good luck!
RL
Re: Good Start But… - Posted by Rob G
Posted by Rob G on January 12, 2005 at 10:42:16:
what is the DOW?
Re: How is my beginning plan so far? - Posted by jamesCA
Posted by jamesCA on January 12, 2005 at 24:31:46:
Zach,
Your list is good, similiar to mine. In mine at least at this time, I have
- Talk to local RE attorney when you need to review/write a contract
- Maybe think about setting up LLC to hold your portfolio
- Put ads , start marketing for potential sellers
- Find some good RE agent that can work with investor and find good deals for you
- Go to county records, auctions(to learn and meet experienced investors)
etc.